The Heartland Payment Systems (HPY) data breach has already cost the card processor millions in fines from Visa and MasterCard.
This news was revealed by CEO Bob Carr in Heartland's recentearnings call, wherein Carr said the much-publicized breach has alreadycost the company $12.5 million.
Other than legal fees and some related charges to the breach,much of that amount went toward fines imposed by Visa and
MasterCardagainst Heartland's acquiring banks, Carr says.
MasterCardagainst Heartland's acquiring banks, Carr says.
A Visa source would not confirm the amount of the fine imposed,but Carr told investors that more than 50 percent of the $12.5 millionrelates to a fine that MasterCard assessed against its sponsor(acquiring) banks...
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